Mukuru Financial Services Zimbabwe Limited has officially received a license from the Reserve Bank of Zimbabwe (RBZ) to operate as a microfinance institution. Effective December 16, 2024, the license marks a significant milestone for Mukuru, allowing it to offer deposit-taking microfinance services in the country.
The authorization positions Mukuru to provide small loans to individuals and small to medium-sized enterprises (SMEs), targeting communities historically excluded from traditional financial services. Mukuru’s entry into Zimbabwe’s microfinance sector follows the company’s initial licensing in October 2024, after fulfilling all regulatory requirements stipulated in the Microfinance Act.
Mukuru Financial Services entry into the Microfinance in Zimbabwe aligns with its broader mission to enhance financial inclusion in Africa. By offering affordable credit, the company aims to empower underserved communities and SMEs, which often face barriers to accessing traditional banking services.
The company is a leading next-generation financial services platform in Southern Africa, renowned for offering affordable and reliable financial solutions to over 13 million customers across Africa, Asia, and Europe. With a remarkable track record of over 100 million transactions to date.
Mukuru initially built its foundation on providing international money transfer services. Leveraging this strong base, the company has expanded its offerings to address a broader range of financial needs for its diverse customer base.
For the fourth consecutive year, the company has been recognized as one of the top 100 Cross-Border Payments businesses globally, earning a spot on the prestigious 2023 FXC Intelligence Top 100 Cross-Border Payment Companies list. Notably, it is one of only six African companies to achieve this distinction.
Further cementing its reputation as a leader in the financial services industry, the organization ranked sixth on the 2023 LinkedIn Top Companies List in South Africa, announced in April. These accolades highlight its commitment to innovation, excellence, and fostering a thriving workplace culture.
Today, the company operates in over 50 countries and facilitates transactions across more than 300 remittance corridors, solidifying its position as a trusted and innovative financial services provider globally.
The move is poised to address Zimbabwe’s growing demand for accessible and affordable financial services. According to the Reserve Bank of Zimbabwe, financial inclusion is a critical driver of economic growth, and institutions like Mukuru play a vital role in bridging the gap.
Mukuru joins a dynamic and competitive microfinance sector in Zimbabwe, alongside established players such as EcoCash, Innbucks, OneMoney, and OMari. Each institution is vying to meet the financial needs of a population underserved by conventional banking systems.
What sets Mukuru apart is its reputation as a trusted provider of money transfer services, both locally and internationally. Already recognized in countries like South Africa, Zambia, Uganda, the USA, and the UK, Mukuru’s expansion into microfinance adds another layer to its service offerings.
Small to medium-sized enterprises form the backbone of Zimbabwe’s economy, accounting for significant employment and GDP contributions. However, limited access to credit has often hindered their growth. Mukuru’s microfinance services are expected to address this gap, enabling SMEs to scale operations and invest in new opportunities.
As Mukuru begins its microfinance operations in Zimbabwe, the company is set to make a notable impact on the country’s financial landscape. With its proven track record in money transfer services and a strong focus on innovation, Mukuru is well-equipped to navigate the competitive microfinance market while contributing to broader financial inclusion goals.
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